Berlin-based Cash Payment Solutions GmbH which operates under the brands Barzahlen in Germany and Austria and Viacash in Switzerland has announced that it is selling 53% of its shares to the Japanese cash management company GLORY Ltd.
Cash Payment Solutions GmbH was founded in 2011 and is a bank-independent cash settlement platform. It enables users to deposit and withdraw cash and make cash payments for e-commerce and utility bills at nearby supermarkets or drugstores by just showing a barcode which without the need to visit an ATM or a shop of the service provider. CPS’s service can be used across Germany at more than 12,000 places mainly operated by major retailers.
The associated retailor shops can enjoy benefits such as reducing cash collection costs, attracting more shoppers, receiving commissions, etc. The associated banks can provide cash deposit and withdrawal services more cost effectively than via ATMs or bank branches. E-commerce providers can attract consumers who prefer cash settlement.
The CPS management, who set up and have been leading the busines , will continue to manage the company focusing on expanding the business and network in Europe.
The completion of the transaction is subject to clearance from the relevant regulatory authorities in accordance with applicable laws and regulations. As part of the current round of financing, the financial investors involved so far are selling their shares in Cash Payment Solutions GmbH. Thus, the Alstin Group of Carsten Maschmeyer, REWE Digital GmbH and BTH as well as various business angels exit as investors.
“The completion of the financing round with Glory and Grenke strengthens our position both financially and strategically,” said Sebastian Seifert. “Glory’s years of experience as a global cash management leader, position us ideally for further European expansion and will accelerate our growth even further.”
In July, Glory had led a round of funding for Singapore-based SoCash which provides enables consumers to withdraw cash from shops.